Guang Zhou Ri Bao·2025-06-22 01:19Core Viewpoint - The launch of the Cross-Border Payment System marks a significant innovation in the interconnectivity of financial infrastructure between mainland China and Hong Kong, enabling real-time cross-border remittances for residents of both regions [1][2]. Group 1: Service Features - The Cross-Border Payment System allows residents to conduct remittances using either Renminbi or Hong Kong dollars, providing a more cost-effective and efficient service compared to traditional methods [2]. - Users can easily initiate transactions through mobile banking apps by entering the recipient's phone number or account details, facilitating a seamless experience [2]. - The service supports various scenarios such as tuition payments, medical expenses, and salary disbursements, with funds being credited almost instantly [2]. Group 2: Participating Institutions - Initial participating banks from mainland China include major institutions such as Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and others [2]. - In Hong Kong, banks like Bank of China (Hong Kong), East Asia Bank, and HSBC are among the first to join the initiative [2]. Group 3: Fee Structure and Pilot Program - Agricultural Bank of China and Bank of Communications have announced a waiver of fees during the pilot phase of the Cross-Border Payment System [2]. - The pilot program began in Shenzhen on June 22, with plans to expand to Guangdong and Hainan in July, and eventually nationwide [3].